Peso appreciates on market optimism

The Philippine peso appreciated against its US counterpart on Wednesday, buoyed by optimism on developments regarding the coronavirus disease 2019 (COVID-19).

The local currency gained 9.5 centavos to close at P50.585:$1 versus Tuesday's close of P50.68:$1.

"The peso appreciated from prevailing market optimism that coronavirus-related cases are already plateauing in major global hotspots," Guian Angelo Dumalagan, market economist at the Land Bank of the Philippines, said in an email interview.

Locally, the Philippines has recorded a total of 3,764 total confirmed COVID-19 cases as of April 07, 2020. This includes 84 recoveries and 177 deaths.

There will be no trading on Thursday, April 09 and Friday, April 10, which were earlier declared holidays. — Jon Viktor D. Cabuenas/BM, GMA News